Net Entertainment, Online Casino Developer’ Profits on the Rise
9th November, 2007
Online casino software developer, Net Entertainment has announced that in the third quarter their revenue was is on the rise by 36% and they also managed to obtain 5 new Casino Module Licensees.
Their net revenue reached $5.09 million compared to $3.74 million in the third quarter of last year. The company stated that their after-tax return is $1.53, when it was only $888,085 for the same 2006 period. The profit margin rose from 26.6% in 2006 to 33.5% in 2007.
This is what Johan Ohman, Chief Executive Officer for Net Entertainment, had to say on that matter: “During the third quarter, our sales increased nine percent compared to the previous quarter. The growth is driven by a strong product that is well received by the end user, combined with favourable external factors such as a relatively early autumn, which has positively affected gaming activity.”
According to the CEO 13 new licensing agreements had been signed in 2007 and the third quarter of the year was responsible for five of them.
Ohman feels it is the market that offers the opportunities for growth and expansion.
'The market for online gaming is constantly changing, which is accentuated by the rise of new market and player segments that will contribute to the industry's continued growth,' he explained. 'Net Entertainment's active, continuous product development ensures that our products meet changes in demand. This will not only further increase our competitive strength and the profitability of our licensees but also increase demand for Net Entertainment's products.'
